Fair value methodology: 5-year base case estimates using sum-of-the-parts analysis, forward revenue/earnings multiples, and AGI-thesis adjustments. Each estimate reflects our assessment of what the business will look like in 5 years based on the segment analysis in each report. These are rough first-principles estimates, not DCF models. Click the research link for each stock to see the full analysis.
Data sources: SEC EDGAR (10-K, 13F), company filings, Forbes franchise valuations. Live prices: Finnhub. Fair values: first-principles segment analysis by Claude.